The global navigation satellite system (GNSS) industry plays an important role in determining the position, estimating the time to reach a certain place, locating the positions of the car, and viewing the traffic on the route. In last five years, there was a rapid growth in commercial applications of GNSS. The advancement in technology and increasing interest in positioning techniques based on GNSSs, such as GPS, cellular network infrastructure, or the integration of two technologies for applications, such as automatic vehicle location (AVL), tracking systems, and navigation, have led to the development in navigation systems in various countries, such as United States, India, and China.  Consumer preference toward better driving experience and easier navigation acted as a major propellant for the growth of the automotive navigation systems market. Spike in sales of luxury vehicles with factory installed navigation systems has further pushed the market growth of automotive navigation systems.  Improving e-commerce and developing logistic infrastructure created a demand for on-time delivery, resulting in employment of navigation systems in LCVs. In 2019, the European automotive navigation systems market was the largest market, globally, with a share of over 36%.

Automation as a service is a suite of services such as consulting, installation, maintenance, and support that are associated with business or industry automation. Automation is achieved by implementing disruptive technologies and adopting various robotic or autonomous systems that are capable to operate without or minimum human interference. Advent of robotic technologies in operational systems is a major factor that is expected to propel the market growth during the forecast period. This growth of the market is attributed to robotic technologies that have the capability of being integrated in different systems and then execute the existing flow of processes in a more optimized way. Furthermore, the demand for autonomous systems that are capable to handle tremendous amount of data in today’s digital era also boosts the growth of the global market. As these systems respond to data extraction and reporting requests at a rapid pace, they are expected to fulfill the high-speed content demand from consumers. The report features information on automation as a service offered by the key market players. Furthermore, it highlights the strategies adopted by the major market players to improve the market share and sustain competition.

公司从PC业务起家，先后推出Windows操作系统、Office办公软件及云计算服务等，目前为全球市值最大上市企业以及收入规模最大的云计算企业。

结构性分化显著，A 股整体PCB 行业收入利润增速回落，通信PCB 一枝独秀。 从2019 年年报数据看，A 股代表性的PCB 行业整体收入和利润增速显著回落， 剔除占比较大的鹏鼎控股看，行业整体增速依然较好。2020 年一季度受新冠 疫情影响，生产端和需求侧均有不同程度冲击，收入增速下滑明显，具体看来， 通信PCB 受益于景气度提升收入利润依然维持较快增长，消费类PCB 景气下 行，但龙头企业韧性较强，二线PCB 积极扩张，高端PCB 需求依然较好。行 业表现上看，龙头企业本次受疫情冲击较小，超额收益显著，机构持仓仍然维 持在高位。

2019 年为我国 5G 商用元年，2020 年进入5G 建设加速期，主设备商受益确定性强， 建议关注中兴通讯（ 000063.SZ ） 和烽火通信（600498.SH）。此外，光纤光缆和基站需求有望随 5G 建网周期的开启而回升， 建议关注估值具有安全边际的弹性标的中天科技（600522.SH），亨通光电（600487.SH）。

国内数据流量主要来源是即时通信、网络视频、短视频、网络音乐、网络文学、网络新闻及网络直播，对应APP使用时间占比长且用户规模大，数据流量需求大。搜索引擎及网络购物同样为流量主要来源，这两类应用特征为：使用时长相对较短，却能在短时间内贡献显著数据流量。